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One of the first supporters of the flagship cryptocurrency market, Brock Pierce, has named what he considers a «reasonable» price target for bitcoin. According to the cryptocurrency billionaire, the leading cryptocurrency is entering a new phase.
In a new interview with Fox Business, Pierce, who is also the co-founder of stablecoin giant Tether, said that the recent explosion in bitcoin fees is a bullish catalyst for BTC. «That's what we’ve seen — bitcoin had record fees during this half wave because of the abundance of what we call 'tier 2' technology.
According to Pierce, $ 150,000 is an acceptable price for the current bull market, but in the long run, a price of $ 1 million is more likely.
«I think we’re likely to see a price north of $ 100,000. $ 150,000 is probably a reasonable goal at some point this year. And in the long run, $ 1,000,000 or more. This is a binary outcome. Bitcoin will either fall to zero or exceed $ 1,000,000 if nothing happens. So it’s really a binary currency in terms of what will happen over time. That’s why I’m bullish,» the expert emphasized.